Sometimes, government-backed mortgages and conventional loans that conform to government guidelines aren’t large enough to allow Tulsa residents to buy the homes they really want. When that’s the case, jumbo loans can be the answer.
Conforming loans and mortgages insured by the FHA, VA or USDA have limits on how much a home buyer can borrow. Jumbo mortgages, or non-conforming loans issued by a mortgage company, don’t come with restrictions on property price – which puts high-value homes and costly residential properties in northeast Oklahoma within reach. And while many borrowers turn to this form of financing for rental properties and vacation homes, taking out a non-conforming mortgage can also allow home buyers to get more land or purchase a property in a more desirable neighborhood.
Jumbo mortgages feature flexible terms and interest rates that are competitive with market rates, and borrowers can choose adjustable-rate or fixed-rate financing. Qualifying requires a relatively high income and high credit score due to the higher risk for lenders, and home buyers need demonstrable cash reserves, but for those with a strong financial profile, non-conforming loans are a good way to buy more expensive Tulsa properties.
If the home you want to buy is priced higher than the current limits for conforming loans and government-insured mortgages, you may need other options. Here at PRMI Tulsa, we offer a variety of jumbo loans to well-qualified home buyers. Give a PRMI mortgage lender a call and get on the road to accomplishing your homeownership dreams today!